Did you know that it costs up to 10x more to acquire a new customer than retain an existing customer? If a customer has already made a purchase, he or she is more likely to buy again in the future. Therefore, business owners should work to increase their customer “retention” rates.
Send Satisfaction Feedback Surveys to Customers
Some of the world’s leading businesses send their customers satisfaction feedback surveys for this very reason. By determine whether or not a customer was happy with his or her purchase, you can improve your operations while subsequently increasing your retention rates. You don’t have to create a long, drawn-out survey. On the contrary, simple surveys consisting of just a few questions often yield the best results for business owners.
Use Email Marketing
If you aren’t doing this already, consider using email marketing to reach out to your business’s existing customers. Email is arguably one of the most cost-effective forms of promotion available. If customers submit their email address during checkout, you already have their addresses — and you can use those email addresses to send promotional material to your customers.
Personalize Marketing Messages
When sending marketing messages to customers, make sure you personalize them. Something as simple as addressing a customer by his or her name, for instance, is guaranteed to create a stronger response while increasing the chance of a successful conversion. Some email software and services even include the option to automatically address the recipient by his or her name, making personalization incredibly easy to achieve. The bottom line is that you need to personalize your marketing messages in some way to boost retention rates.
Engage with Customers on Social Media
Assuming you use social media to promote your business and its products or services, try engaging with customers. Responding to their comments, for instance, shows customers that you listen and care about what they have to say. Far too many businesses neglect this otherwise basic form of communication, resulting in a disconnect with their customer base. Additionally, you can host contests and giveaways on social media, encouraging customers to participate.
These are just a few strategies to help boost your business’s customer retention rates. Of course, you should also strive to acquire new customers, as well. Without new customers, you may have trouble growing and expanding your business. For more marketing tips, check out the previous blog posts we’ve published here at GreenVineMarketing.
